If a business' total economic cost of producing 10,00...
If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
A normal profit of N750,000
An economic profit of N750,000
A normal profit o N1,750,000
An economic profit of N250,000
Correct answer is D
Economic profit = Total revenue(Output) - Opportunity cost of input
= 1,000,000 - 750,000
= 250,000
Which of the following is not emphasized in a product possibility curve? ...
The demand for labour is an example of ...
All the under listed factors directly affects the supply of a commodity except ...
The following determine the level of consumption EXCEPT ...
In commercial banking, an account from which the customer cannot withdraw money instantly is a ...
An increase in the circulation of money without a corresponding increase in output will lead to ...
A tax on a commodity whose supply is perfectly inelastic is ...
Demand for a factor of production is ...
The monetary system that requires double coincidence of want is known as ...